Government and cryptocurrency

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The rest of the world was looking at us, trying to understand how government should deal with the internet. But now there are billions of people around the world with access to the internet, and other countries are moving forward with their own regulations on cryptocurrencies.

But the U. That, to me, is similar to what happened with the internet. Werbach directs the Wharton Blockchain and Digital Asset Project , which develops business and regulatory insights on distributed ledger technology. But it may require some creativity because the market is structured differently.

Financial inclusion is one of the more difficult priorities in the executive order, and Werbach wants to make sure it actually happens. President Joe Biden has issued an executive order designed to kickstart the process of forming proper cryptocurrency policy. Cryptocurrency has been involved in many everyday-consumer spaces as well as ransomware-related crimes, meaning policies will need to be crafted around the needs of average citizens as well as to combat cybercriminals.

The executive order demands that various agencies and departments formulate studies on cryptocurrency's impacts, the findings of which will be due within the coming months. The United States' entanglements with cryptocurrency run the gamut.

From generic consumer involvement did you know you can buy movie tickets with Bitcoin? And yet, it is largely unregulated and unsupervised. Based on U. President Joe Biden's new executive order, that's about to change. The executive order is lengthy as can be and you can read the full thing over at the White House's website , but here's the core of it: The Biden administration is well aware of cryptocurrency's less savory aspects, such as its involvement in ransom schemes, sanction evasions, theft, and fraud.

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